Monday, 20 November, 2017

Euro zone growth, eclipsing USA economy, set to be best in decade

Mark Carney GETTYBoE Governor Mark Carney
Conrad Doyle | 14 November, 2017, 17:24

The euro zone economy grew as expected in the last quarter, according to official data released on Wednesday.

They have been revising their eurozone GDP projection for 2017 upwards since May this year and now expect a marginally stronger figure (2.3%) for 2017. The US quarterly numbers were slightly better than the euro zones at 0.7%, however. That pace of growth supported expansion across the broader euro zone.

Economists had anticipated just a 0.6% rate of increase.

At 3.00 am ET, GDP from the Czech Republic and Hungary are due.

The rate of growth in Germany's gross domestic product accelerated over the three months to September, on the back of stronger foreign demand and investment.

Sterling was trading at £1.1214 against the single currency in early morning trading as German GDP came in at 0.8 per cent for October.

The euro area economy grew year-on-year, as expected and the same as the second quarter.

"Capital flows have picked up in recent days into European risky assets from global investors and with Draghi sketching out a picture of low interest rates and strong growth in recent appearances, the euro's outlook is becoming robust", said Manuel Oliveri, an FX strategist at Credit Agricole in London.

United Kingdom inflation is expected to come in at 0.2 per cent for October and 3.1 per cent for the year - among the highest rates of inflation in the European Union and the highest outside of Eastern Europe.

"That should result in continued strength in industry in the final quarter of the year, adding to the possibility that our estimate for GDP growth in 2017 of 2.3% could still be too low", he said.

The stronger growth supports the European Central Bank's decision last month to start weaning the euro zone off ultra-loose money by saying that from January it will halve the amount of bonds it buys every month to 30 billion euros (US$35.1 billion). It nevertheless promised years of stimulus and left the door open to backtracking.

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